Bitcoin failed to hold above the $90,000 mark on Thursday, pulling back from its early January peak near $95,000. The retreat reflects a shift in ETF investor sentiment—outflows picked up momentum as traders reassessed positions following BTC's red finish in 2025. The selling pressure suggests market participants are taking profits after the recent rally attempt, signaling caution ahead as institutional capital rotates. Whether this pullback finds support or signals deeper correction concerns remains the key question for near-term momentum.